香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部或任何部份內容而產生或因依賴該等內容而引起的任何損失承擔任何責任。 濰柴動力股份有限公司 WEICHAI POWER CO., LTD. （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2338） 海外監管公告 本公告乃根據香港聯合交易所有限公司（「聯交所」）證券上市規則第13.10B條 而 作 出。 茲載列濰柴動力股份有限公司（「本公司」）在深圳證券交易所網站刊登日期為 二 零 二 五 年 六 月 二 十 三 日 的 公 告，僅 供 參 閱。中 文 公 告 的 全 文 刊 登 於 聯 交 所 及 本 公 司 網 站。 承董事會命 董事長 馬常海 中國山東濰坊 二零二五年六月二十三日 於本公告刊發之日，本公司執行董事為馬常海先生、王德成先生、黃維彪先生、 孫 少 軍 先 生、袁 宏 明 先 生 及 馬 旭 耀 先 生；本 公 司 非 執 行 董 事 為 張 良 富 ...

证券代码：000338 证券简称：潍柴动力 公告编号：2025-044 潍柴动力股份有限公司 关于首次实施回购公司部分 A 股股份的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 潍柴动力股份有限公司（下称"公司"）于2025年4月29日召开2025 年第四次临时董事会会议，于2025年5月20日召开2025年第二次临时股东 大会、2025年第二次A股股东会议和2025年第二次H股股东会议，审议通 过了《关于回购公司部分A股股份方案的议案》，同意公司使用自有资金 和自筹资金以集中竞价交易方式回购公司部分A股股份，回购股份用于注 销并减少公司注册资本，回购价格为不超过人民币23.57元/股，预计用于 回购的资金总额不低于人民币5亿元，不超过人民币10亿元，回购期限为 自公司股东大会审议通过回购股份方案之日起12个月内。具体内容详见公 司分别于2025年4月30日、2025年5月21日、2025年6月4日在巨潮资讯网 （http://www.cninfo.com.cn）上披露的《潍柴动力股份有限公司关于回购 公司部分A股股份的方案》《潍柴动力股份有限公司20 ...

证券代码：000338 证券简称：潍柴动力 公告编号：2025-044 潍柴动力股份有限公司 关于首次实施回购公司部分 A 股股份的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 潍柴动力股份有限公司（下称"公司"）于2025年4月29日召开2025 年第四次临时董事会会议，于2025年5月20日召开2025年第二次临时股东 大会、2025年第二次A股股东会议和2025年第二次H股股东会议，审议通 过了《关于回购公司部分A股股份方案的议案》，同意公司使用自有资金 和自筹资金以集中竞价交易方式回购公司部分A股股份，回购股份用于注 销并减少公司注册资本，回购价格为不超过人民币23.57元/股，预计用于 回购的资金总额不低于人民币5亿元，不超过人民币10亿元，回购期限为 自公司股东大会审议通过回购股份方案之日起12个月内。具体内容详见公 司分别于2025年4月30日、2025年5月21日、2025年6月4日在巨潮资讯网 （http://www.cninfo.com.cn）上披露的《潍柴动力股份有限公司关于回购 公司部分A股股份的方案》《潍柴动力股份有限公司20 ...

Core Viewpoint - The article highlights the efforts of Weichai Power Co., Ltd. to promote its second-generation multi-fuel mining power products in Xinjiang, aiming to support the region's green mining development under the "dual carbon" initiative [2][3]. Group 1: Product Launch and Features - Weichai Power has introduced the first methanol-powered excavator engine, WP17T, in Xinjiang, showcasing its economic and environmental advantages by replacing traditional diesel with methanol [3]. - The company has achieved a 40% cost savings in operational economics compared to diesel engines of the same displacement after two years of reliability testing in mining conditions [3][5]. - Weichai Power's product lineup includes methanol engines, WP14T range extension engines, WP16NG natural gas engines, and power batteries, forming a diversified low-carbon solution for local mining operations [4]. Group 2: Industry Impact and Technological Advancements - The introduction of Weichai Power's multi-fuel platform breaks the foreign monopoly on core mining equipment, enhancing the competitiveness of China's mining industry [4][5]. - The company has successfully adapted its M-series large-bore engines for mining excavators and rigid dump trucks, increasing the localization rate of mining equipment in Xinjiang [5]. - Weichai Power's market share in the wide-body dump truck power sector exceeds 80%, and it continues to develop products tailored to the specific working conditions of Xinjiang [6]. Group 3: Future Developments and Services - Weichai Power is committed to continuous innovation in mining power solutions, focusing on multi-fuel technology routes and providing competitive mining power solutions [6]. - The company has launched the "Mining Service 2.0" program to enhance after-sales service and support for mining operations in Xinjiang [6].

Summary of Weichai Power Conference Call Industry Overview - The heavy truck industry is expected to grow to 950,000 to 1,000,000 units by 2025, benefiting from the implementation of the 318 policy and increased penetration of natural gas heavy trucks, with rising oil prices driving customer acceptance [2][3] - The penetration rate of electric heavy trucks is projected to reach 30% [2] Company Performance - Weichai Power's net profit attributable to shareholders increased by over 20% year-on-year in Q1, driven by new businesses like large bore engines, despite average sales performance [4] - Q2 performance may face pressure due to a high base from the previous year, but overall annual performance remains promising [4][5] - The company aims to enhance its dividend frequency and attractiveness, with a current valuation of approximately 11-12 times earnings, potentially dropping to around 10 times if targets of 12-13 billion are met [4][9] Strategic Focus - Weichai Power's future strategy focuses on new energy, digitalization, and aftermarket services [6] - The company is collaborating with BYD to produce Fudi batteries for commercial vehicles and energy storage, aiming to improve the penetration rate of new energy vehicles [7] - The company plans to increase its market share in large bore products from under 10% to over 25% [6] Response to Industry Challenges - To address industry challenges, Weichai Power is enhancing the penetration of natural gas heavy trucks, expanding large bore product market share, accelerating data center deliveries, and optimizing export product structures [8] - The company is also focusing on increasing its share in the non-road excavator market and improving its aftermarket revenue, which currently lags behind competitors [6] Financial Outlook - Despite anticipated pressure in Q2, the company expects continued growth in Q3 and Q4, with attractive valuation and dividend prospects [12] - The integration of Kaiao is expected to save approximately 1 billion in profits annually, contributing 300 to 400 million to long-term profit release after tax adjustments [11] Additional Insights - The penetration rate of natural gas heavy trucks is currently between 20% and 30%, with increasing acceptance due to rising oil prices [3] - The company is also adjusting its operations to enhance cost efficiency and product offerings, which is expected to improve gross margins significantly [8]

Group 1 - The U.S. military conducted a significant airstrike on Iranian nuclear facilities using seven B-2 bombers, marking the largest deployment of B-2s in history [2] - The operation, named "Midnight Hammer," was executed with minimal knowledge among U.S. officials regarding its timing and details [2] - The B-2 bombers flew for 18 hours to reach Iranian airspace while maintaining radio silence and conducting multiple aerial refuels [2] Group 2 - The Iranian parliament has expressed support for closing the Strait of Hormuz, a critical oil shipping route, which could lead to oil prices soaring to $130 per barrel [3] - Approximately one-third of global oil trade passes through the Strait of Hormuz, making its closure a significant concern for international oil supply [3] - Brent crude oil futures have risen by 18% since June 10, reaching a five-month high of $79 per barrel [3] Group 3 - The European Commission has decided to restrict Chinese companies from participating in medical device tenders exceeding €5 million, citing retaliatory measures against China [4] - The Chinese government has criticized the EU's actions as a form of protectionism and double standards, despite the EU's claims of being an open market [4] Group 4 - The launch of the Cross-Border Payment System allows for real-time remittances between mainland China and Hong Kong, with banks offering fee waivers and cash incentives to attract customers [5] - This initiative is seen as a strategic move by banks to capture the growing cross-border business market, with the potential to tap into a multi-trillion yuan consumer market [5] Group 5 - A new regulation from the Shanghai Stock Exchange mandates that brokerage firms must process investor requests to change designated trading accounts on the same day, enhancing customer service [6] - This regulation aims to reduce barriers for investors wishing to switch brokers, potentially increasing competition among brokerage firms [6] Group 6 - The Central Commission for Discipline Inspection has issued guidelines on recognizing violations related to public officials' dining practices, emphasizing adherence to anti-corruption regulations [7] - The guidelines define various forms of improper dining, including accepting or providing meals that could influence official duties [7] Group 7 - More than ten provinces in China are encouraging a 2.5-day weekend policy to boost consumer spending and economic activity [8][9] - This initiative aligns with previous government recommendations aimed at optimizing holiday arrangements to promote tourism and consumption [8][9] Group 8 - Platinum prices have surged over 36% this year, surpassing gold's price increase, driven by rising consumer demand in China [10] - The demand for platinum bars and coins in China has increased by 140% year-on-year, making it the largest retail investment market for platinum globally [10] Group 9 - Vipshop's marketing vice president has been detained for alleged corruption, with the company affirming its commitment to zero tolerance for such behavior [11] - The company stated that its business operations remain normal despite the ongoing investigation [11] Group 10 - NIO faces customer complaints regarding "freezing" issues in their vehicles, with the company rejecting requests for vehicle replacements based on warranty limitations [12] - NIO has offered compensation in the form of loyalty points to affected customers, but negotiations for a satisfactory resolution are ongoing [12] Group 11 - The lithium battery industry is experiencing increased overseas expansion, with potential benefits from capacity releases expected in the near future [13] - A surge in research reports on stablecoins indicates growing interest and investment in this area [13] Group 12 - Several companies are pursuing significant investments and acquisitions, including Keda Li's plan to invest €5 million in Hungary for battery components and Jiemite's acquisition of control over Siteng Helix [16][17] - Other notable investments include a proposed 49.2 billion yuan project by Jidian Co. for a green methanol innovation demonstration [20]

Core Viewpoint - Weichai Power's subsidiary, Weichai Lovol, is seeking to go public on the Hong Kong Stock Exchange after previously failing to list on the ChiNext board, indicating a strategic shift in its capital market approach [1][4]. Group 1: Company Overview - Weichai Lovol is a leading provider of smart agricultural solutions in China, focusing on high-end and intelligent agricultural machinery and services that enhance production efficiency and quality [3][4]. - The company is primarily owned by Weichai Power and Weichai Holdings, which collectively control approximately 88.36% of the voting rights [3]. Group 2: Financial Performance - Weichai Lovol reported revenues of approximately CNY 159.5 billion, CNY 146.76 billion, and CNY 173.93 billion for the years 2022, 2023, and 2024, respectively, with corresponding profits of CNY 7.72 billion, CNY 8.71 billion, and CNY 9.57 billion [4][5]. - The company experienced a revenue decline in 2023 primarily due to decreased sales of agricultural machinery, but revenues rebounded in 2024 due to increased sales of tractors and harvesting machinery [4][5]. Group 3: Financial Risks - Weichai Lovol's asset-liability ratio remains high, recorded at 80.44% and 80.24% for 2023 and 2024, respectively, indicating significant financial risk [6]. - The company faces various financial risks, including market, credit, and liquidity risks, which are critical for assessing its financial health [5][6]. Group 4: Market Reaction and Investor Sentiment - Following the announcement of the IPO plans, Weichai Power's stock price has experienced volatility, dropping from a peak of CNY 17.71 per share to CNY 15.27, with a total market capitalization of approximately CNY 133.1 billion [6]. - Investor dissatisfaction has been expressed regarding the company's strategy of spinning off subsidiaries for public listings, which some believe dilutes the interests of the parent company's shareholders [7].

Core Viewpoint - Weichai Power's subsidiary, Weichai Lovol Intelligent Agriculture Technology Co., Ltd., is seeking to go public on the Hong Kong Stock Exchange after a failed attempt to list on the ChiNext board. The company has submitted its application for an H-share IPO and published the relevant documents on the Hong Kong Stock Exchange website [1]. Financial Performance - Weichai Lovol's revenue for the years 2022, 2023, and 2024 is projected to be approximately RMB 15.95 billion, RMB 14.68 billion, and RMB 17.39 billion, respectively. The corresponding profits for these years are expected to be around RMB 772 million, RMB 871 million, and RMB 957 million [2][4]. - The company experienced a decline in revenue in 2023, primarily due to reduced sales in agricultural machinery, but is expected to rebound in 2024 [4]. Business Model - Weichai Lovol is recognized as a leading provider of intelligent agricultural solutions in China, focusing on two main pillars: complete sets of intelligent agricultural machinery and smart agricultural services. The machinery includes tractors and covers all stages of modern agricultural production, while the services utilize IoT, AI, and big data to enhance operational efficiency [2]. Ownership Structure - Weichai Lovol is primarily owned by Weichai Power and Weichai Holding, holding approximately 61.1% and 27.26% of the shares, respectively. Weichai Power is indirectly controlled by Shandong Heavy Industry, which holds significant voting rights [3][4]. Previous IPO Attempt - Prior to the current IPO attempt in Hong Kong, Weichai Lovol had applied for an IPO on the ChiNext board, which was accepted in March 2023 but was withdrawn in April 2024 due to unspecified reasons [4]. Financial Health - The company's debt-to-asset ratio has been high, with figures of 85.45%, 84.84%, and 83.4% from 2020 to 2022. Although there has been a slight decrease in this ratio for 2023 and 2024, it remains above 80% [4].

Investment Rating - The report maintains a positive outlook on the automotive sector, suggesting stock selection to emphasize alpha over beta, with a focus on distinct individual stock characteristics [2]. Core Insights - The automotive sector experienced a slight decline in investment sentiment, with expectations for a rebound in demand towards the end of June due to increased marketing efforts. The industry is anticipated to enter a seasonal lull in July and August, followed by a surge in new product launches and seasonal sales towards the end of the year [2]. - The report highlights the importance of monitoring the impact of policies such as trade-in programs and changes in new energy vehicle purchase taxes on the industry [2]. Data Tracking - In April, wholesale passenger car sales reached 2.22 million units, a year-on-year increase of 11% but a month-on-month decrease of 10%. Retail sales for the same month were 1.59 million units, up 6% year-on-year but down 14% month-on-month [4]. - New energy vehicle deliveries from leading companies showed significant growth in May, with BYD delivering 380,000 units (up 15% year-on-year), and Li Auto and Xpeng also reporting substantial increases [4][19]. - The average discount rate in early June rose to 10.6%, reflecting a 0.4 percentage point increase from the previous period and a 2.9 percentage point increase year-on-year [4]. Market Performance - The automotive sector index fell by 2.57% this week, ranking 23rd out of 29 sectors. The overall market indices also showed declines, with the Shanghai Composite Index down 0.51% [7][28]. - The report notes that the automotive sector's price-to-earnings (PE) ratio stands at 31, indicating a relatively high valuation compared to historical averages [28][34].

Core Insights - The Chinese engineering machinery industry and mining equipment sector are undergoing significant innovation and transformation, focusing on user value and industry upgrades, with Weichai showcasing diverse energy solutions at a recent event [1][3][6] Industry Trends - The demand for large, unmanned, and low-carbon mining equipment is increasing, leading to a shift towards larger, hybrid, and cleaner fuel engines for wide-body dump trucks [3][5] - Weichai has maintained a dominant market share of over 80% in the wide-body dump truck segment, responding to the rising demand for engine power, which has increased by 20% to 45% [3][19] Product Development - Weichai introduced the H+T second-generation series engines (WP14T, WP15H, WP17T) designed for 90-160 ton wide-body dump trucks, enhancing their product range for heavy-duty operations [3][19] - The new series utilizes advanced technologies, achieving over 10% lower fuel consumption compared to competitors, and features high reliability and ease of maintenance [5][12] Green Technology Initiatives - Weichai is committed to low-carbon and zero-carbon solutions, presenting products like the WP14T range extender engine and WP16NG natural gas engine, which integrate advanced diesel and electric drive technologies [6][8] - The company has developed a proprietary methanol engine, which has shown over 40% economic savings compared to diesel engines of the same displacement [12][10] Market Positioning - Weichai is breaking the foreign monopoly in large mining excavators and rigid mining trucks, having developed engines suitable for 95 to 400-ton excavators and 55 to 400-ton rigid trucks [15][19] - The company has successfully deployed over 150 units of its M series mining excavator engines in Xinjiang, demonstrating strong performance in reliability and efficiency [19] Service Enhancements - Weichai launched the "Mining Service 2.0" initiative, focusing on high-value, comprehensive lifecycle services to enhance customer satisfaction and operational efficiency [20][22] - The new service model includes customized solutions and a commitment to provide extensive support and parts availability, aiming for a 30% increase in overall customer benefits [22]